WAR FOR TALENTS

Why do employees “sack” their employees and move on to a rival Organisation within the same sector of the economy? Why are some Organisations struggling at retaining their employees? Let us just not analyse why. Rather, let us remind ourselves of little things to be done in order to win the War for Talents. Remember, little hinges swing big doors.

Employee retention is a very important though often overlooked issue in many Organisations. A lot of times, it is until employee turnover becomes a burden on most Organisations that they begin to look into their Human Resource Management policies to find solutions. So they turn to Employee Retention Strategies.

The cost of employee turnover to an Organisation include both hidden and unhidden costs. The unhidden costs include replacement costs, that is the cost incurred to recruit and select a replacement for the vacant position, lost manhours, that is the hours of productive work that is lost while the position is vacant, and the loss of business clients especially in a service industry where a client might want to follow a particular employee who is leaving the Organisation.

Hidden costs of employee turnover include the cost of the knowledge that leaves with the departing employee, the damage to an organization’s reputation when customer service falters due to low staffing levels, the blow to employee morale and increased job stress when remaining employees are burdened with the distribution of the departed employee’s workload. The list goes on. It is a tough war!

To combat this problem, there are a few strategies that should be put in mind. These strategies must be incorporated into the Organisation`s Human Resource Policies.

First is that a proactive approach to employee retention must be developed before employee turnover becomes an issue. The best way to do this is to recruit and select the right mix of employees right from the start. The knowledge, skills and attitudes (KSA) of a prospective employee must be a perfect fit with the job role. This way, the Organisation will avoid looking for curative measures because turnover would have been greatly prevented. If people are not well suited for their job roles, it is just a matter of time before they move.

Second, Organisations must utilize HR practices that emphasize individual employee growth such as investing in the employee by providing opportunities for Training and Development. This will improve an employee`s morale and commitment to the Organisation. A lot of Organisations think continuous employee training is an unnecessary cost. Wiser Organisations know better.

Third is that the top Management must be made aware of the need for them to openly commit to employee retention. Employees will want to stay on if they hear and see their Management show appreciation for their continual stay with the Organisation.

Fourth is that frequent employees’ surveys must be done to identify specific retention-related issues that need to be addressed before they lead to reasons why employees will want to leave. Instruments that can be used carry out this research abound, if only we look in the right places to find these instruments.

Fifth is that Organisations must ensure that they offer a work/life balance programme that allows the employee balance their responsibilities at work, at home and every other facet of their lives so they can find a sense of enriched life. Why can’t Organisations provided creche services for nursing mothers in their Organisations? Have you asked why some big Corporations pay for their Staff to register at some Sports clubs? For business-enhancing social networking right? True, but there are also personal benefits that accrue to those who are part of such clubs. It helps them to keep fit physically, knowing that a sound mind in a sound body is a tremendous asset to the Organisation.

Sixth, Organisations must provide great opportunities for career advancements. Many people leave Organisations when they realise that they are stuck in the rungs with no upward movement in sight. Organisationa charts might need to be revisited and adjusted. It might not necessarily mean increasing the layers but positions on a level can be increased to allow for increased responsibilities.

Lastly, Organisations must have a reward system that is good enough to retain its talent. The goal is not necessarily to pay the industry highest but to find a good point where employees will feel that their labor is well rewarded. If the Organisation is careless, it will lose out in the War for Talents because people want to work for Organisations where they feel rewarded. It is a known fact that no employer actually pays the true worth or value of an employee, but please, employees do not want to feel ripped off.